Micro units in Coimbatore seek lower interest rate
The Hindu
The micro units in Coimbatore district have demanded lower interest for bank loans. In a memorandum to the Finance Minister, the Coimbatore and Tiruppur District Micro and Cottage Entrepreneurs Associ
The micro units in Coimbatore district have demanded lower interest for bank loans.
In a memorandum to the Finance Minister, the Coimbatore and Tiruppur District Micro and Cottage Entrepreneurs Association (COTMA) said the micro units are the worst hit during the pandemic. They are struggling to repay the loans and hence require credit at lower interest rates.
The Tamil Nadu Association of Cottage and Tiny Enterprises (TACT) demanded loans at 5 % interest for micro units. In a memorandum to the Reserve Bank of India, it said banks and all financial institutions should give one year moratorium to the micro units for repayment of loans. The banks should not levy and those who levied should cancel the penal interest for micro units for the pandemic period. Further, the banks should extend loans to the units irrespective of their CIBIL score. The banks should not take action on the defaulters as the units are hit by the pandemic.
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